Bank forcing sale of house, who pays estate agent and solicitor?

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rsta

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Forcing sale of house as mortgage deemed unsustainable by the bank, do the bank pay the costs of selling the house?

As surely if home owner could afford to repay the mortgage then they could also pay the ea and solicitor? So if they can't? Then do the bank pay?
 
How are they forcing the sale of your house?

They may offer the chance for you to do a voluntary sale. In this case the bank will usually pay the fees and deduct this from the selling price. So say 200K mortgage, house sells for 100K, fees 10K, you still owe 110K.
 
Homeowner has appealed banks decision 3 times as wants to keep home. Bank insist mortgage unsustainable and insist on homeowner agreeing to voluntary sale. Homeowner doesn't want to sell but left with no other choice. Therefore is forced.

Bank not returning any of homeowners calls yesterday regarding getting confirmation that bank will pay ea and sol fees, ea want to proceed with putting home on market, but can't as need documentation agreeing to pay signed by homeowner.
Homeowner reluctant to sign to commit to pay fees they can't afford....

Thank you for your response pat2. Do you think bank need to sign this documentation instead of homeowner?
 
rsta said:
Homeowner has appealed banks decision 3 times as wants to keep home. Bank insist mortgage unsustainable and insist on homeowner agreeing to voluntary sale. Homeowner doesn't want to sell but left with no other choice. Therefore is forced.

Bank not returning any of homeowners calls yesterday regarding getting confirmation that bank will pay ea and sol fees, ea want to proceed with putting home on market, but can't as need documentation agreeing to pay signed by homeowner.
Homeowner reluctant to sign to commit to pay fees they can't afford....

Thank you for your response pat2. Do you think bank need to sign this documentation instead of homeowner?
Click to expand...

Maybe try a different EA and tell them the story. I had mine up for voluntary sale about 18 months ago. Rang a few EA's and some were willing to take it on with the understanding the the fee's would be coming from the selling price. I didn't sign anything and the bank dealt with the EA directly. Ultimately the bank refused the offers that came in on the house and I ended up back in MARP with house off the market. Currently trying to get through the Mortgage to Rent scheme.

My lender wanted a voluntary sale after I went into 1 months arrears, that was nearly 3 years ago so don't worry, there's always other options. They can't force you to do a volunatry sale, they may make it seem like your only option but ultimately the court is the only body who can force you to do anything.

If you haven't already then you should contact someone like https://www.mortgageholders.ie/ they will be able to give you the best advice.
 
Pat2 I appreciate your thoughts on this.
Great advice ,thanks very much.
 
rsta said:
ea want to proceed with putting home on market, but can't as need documentation agreeing to pay signed by homeowner.
Homeowner reluctant to sign to commit to pay fees they can't afford....
Click to expand...

And the EA would be dead right. If you put the house up for sale, then you hire the EA, not the bank.

Don't you think there is a reason the bank won't confirm the EA will be paid out of sale proceeds. So you have two options, no voluntary surrender and let them do the selling, or you agree to voluntary surrender on condition of all costs of selling being deducted from the sale proceeds. That would be solicitor and EA costs.

Do you want to run the figures on this, why do you want to keep the house if the mortgage is unsustainable?
 
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